Leases

12 Months Ended

Dec. 31, 2021

NOTE 8. Leases:

Lease assets and liabilities are summarized as follows:

	December 31.
(in millions)	2021		2020		Classification
Assets
Operating lease assets	$	249	$	266	Operating lease assets
Finance lease assets		2		4	Other assets
Total lease assets	$	251	$	270

Liabilities
Operating lease liabilities	$	274	$	296	Operating lease liabilities
Finance lease liabilities		3		4	Notes and contracts payable
Total lease liabilities	$	277	$	300

The components of lease expense are summarized as follows:

	Year ended December 31.
(in millions)	2021			2020			2019			Classification
Operating lease cost	$	86		$	89		$	88		Other operating expenses
Finance lease cost:
Amortization of lease assets		2			2			2		Depreciation and amortization
Variable lease cost		31			32			31		Other operating expenses
Short-term lease cost		2			1			1		Other operating expenses
Sublease income		(3	)		(3	)		(2	)	Information and other
Net lease cost	$	118		$	121		$	120

Future minimum lease payments under operating and finance leases with noncancelable lease terms, as of December 31, 2021, are summarized as follows:

(in millions)		Operating Leases			Finance Leases		Total
2022	$	88		$	2	$	90
2023		68			1		69
2024		52			—		52
2025		38			—		38
2026		25			—		25
Thereafter		24			—		24
Total lease payments		295			3		298
Interest		(21	)		—		(21	)
Present value of lease liabilities	$	274		$	3	$	277

Information related to lease terms and discount rates is summarized as follows:

	December 31,
	2021		2020
Weighted-average remaining lease terms (years):
Operating leases	4		5
Finance leases	2		3
Weighted-average discount rates:
Operating leases	3.40	%	3.80	%
Finance leases	3.96	%	4.03	%

Cash flow information related to lease liabilities is summarized as follows:

	Year ended December 31,
(in millions)	2021			2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	90	$	93	$	88
Financing cash flows from finance leases	$	2	$	2	$	2
Operating lease assets obtained in exchange for new operating lease liabilities	$	59	$	54	$	55
Finance lease assets obtained in exchange for new finance lease liabilities	$	—	$	1	$	1